All Forum Posts by: James Bell

Todd,  Boulder is an interesting and tough market.  Make it a point to meet Joel Ripmaster who is the Owner/Broker of Colorado Landmark Realtors in Boulder.  He knows the city RE like no other agent in town.  He is also a CU grad.  Not easy to get in the door, but worth the effort of having your name in front of him in the future.  Good luck.  

Most of my rehabs are in lower income areas.  I've had problems for years and have some steps to try and cut down on this type of dumping.    I always post placards on the roll off in english and spanish that basically say they are being recorded and we will turn their face and licence plate number into the police department.  (I've used game cameras and turned in the violator, but the cops have never done anything)  I also attach a faux camera high on the structure and have it pointing right at the roll off.  I also tell the neighbors I'll pay them if they yell at the dumper or call the cops.  Some will take you up, some won't.  But it does get the word out in the neighborhood that there is some security.   Then sometimes no matter what, you get dumped on no matter what you do.  I have found getting the roll off in the back yard helps as well, especially if there is a fence you can close in.   It's theft, but most people don't see it that way.  Poor people have poor ways.

Every time I walk into a house like your I think, "This is the smell of money".  My biggest profits have come from hoarder houses.  Nasty, but profitable.

Also take into consideration that your insurance company will not like this at all. I was once dropped by an insurance company for converting a house to a duplex. Everything was done above board, to code, but it didn't matter. There must be considerably more risk to the underwriter in these situations. I know of others here in Colorado who have had problems as well.

It's been my experience that anyone overly concerned about the basement of a home could be looking for grow space. Grow rooms are hell on a building. Mold growth is bad, and here in Colorado it's really hard to have mold problems. These home grow rooms also over tax the electrical system of many homes and will cause problems. There is also the Federal problem that Mark mentioned. Most of my property is free and clear and I have to believe that makes it tasty for the Fed's when it comes to forfeiture. Even though it's semi legal here in Colorado, there is still a thriving black market that like to use SF Houses as grow space. There are lot's of rip off's and robbery's that go unreported due to the nature of the enterprise. It's always the landlord that is left holding the bag. I've been meaning to talk to my attorney about a new clause in my lease banning pot cultivation on premises. (note to self!) I specialize in low end rental homes and have been down this road a time or two.

I do know an investor in Denver making very good money with an Industrial building that is being used as a grow facility. All I can think is policies change quickly. Real estate is the long game for me.

Pueblo has been stunted for quite some time....way before the last recession. The employment and industrial outlook is bleak and has been for many years. I'd also agree that there are more rough areas in town than most. Pueblo has always been a rough place. Be prepared to deal with more poverty than average, government programs, and a hellish city government. I think there are some bargains and I've looked plenty, but I stay away for a variety of reasons. Just my take.

In and out quickly is always the best strategy. I'm never greedy when selling, only when buying. Buying is where you will make your money. Hence, I personally have always done much better in declining markets. There is always a market for good houses.......priced right......even when everyone tells you it is dead.

I thought I had heard something about a water issue with Pumpkin Ridge.....missing Big T water certificates or something like that. Mark Ferguson might know more. I'd check .....

I have always had pretty good service and responses from American Title. But I also use one of the satellite offices and have been doing business with the lead closer for about 15 years at various other companies. That said, I'm not surprised. Another large title company here had the same problems recently. There was embezzlement involved and the company president didn't spend more than a night in jail. I heard his sentence for the millions of missing dollars was mere probation. That was a company I had used for years and I never dreamed would go down that road. They left tax money being owed to the county on a deal I did. I never did hear if the re-insurer paid or left the home owner holding the bag.

I have had a lot of Realtors and fellow investors look at me like I was crazy when I would question doing business with certain title companies. There are two title firms in Colorado I flat out refuse to do business with. I'm sure there are more awful ones out there.